UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 14, 2015
ASTRONICS CORPORATION
(Exact name of registrant as specified in its charter)
New York | 0-7087 | 16-0959303 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
130 Commerce Way East Aurora, New York |
14052 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (716) 805-1599
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below)
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.01 | Completion of Acquisition or Disposition of Assets |
As previously discussed in a Current Report on Form 8-K filed by Astronics Corporation (the Company), on December 23, 2014, the Company entered into a Stock Purchase Agreement (the Agreement) by and among the Company, Planesite Holdings Inc., an Illinois corporation (Planesite), the shareholders of Planesite (the Sellers) and Robert Abbinante to acquire all of the issued and outstanding capital stock of Planesite and its wholly owned subsidiary, Armstrong Aerospace, Inc., for approximately $52.0 million in cash. The acquisition of Planesite and Armstrong Aerospace, Inc. was completed on January 14, 2015.
A copy of the Purchase Agreement was filed as Exhibit 10.1 to the Current Report on Form 8-K filed on December 24, 2014.
The Company issued a press release on January 15, 2015 regarding the completion of the acquisition, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
Exhibit Number |
Description | |
99.1 | Press Release of Astronics Corporation dated January 15, 2015. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Astronics Corporation | ||||||
Dated: January 15, 2015 | By: | /s/ David C. Burney | ||||
Name: | David C. Burney | |||||
Chief Financial Officer |
EXHIBIT INDEX
Exhibit |
Description | |
99.1 | Press Release of Astronics Corporation dated January 15, 2015 |
Exhibit 99.1
NEWS RELEASE |
Astronics Corporation 130 Commerce Way East Aurora, NY 14052-2164
For more information contact: | ||||
Company: | Investor Relations: | |||
David C. Burney, Chief Financial Officer | Deborah K. Pawlowski, Kei Advisors LLC | |||
Phone: (716) 805-1599, ext. 159 | Phone: (716) 843-3908 | |||
Email: david.burney@astronics.com | Email: dpawlowski@keiadvisors.com |
FOR IMMEDIATE RELEASE
Astronics Completes Acquisition of Armstrong Aerospace
EAST AURORA, NY, January 15, 2015 Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, announced today that it completed the acquisition of Armstrong Aerospace (Armstrong) for approximately $52 million in cash on January 14, 2015.
Astronics previously announced that it had entered into a definitive agreement to acquire Armstrong on December 24, 2014.
Armstrong Aerospace, located in Itasca, Illinois, was founded in 1996 and has 81 employees. Armstrong is a leading provider of engineering, design and certification solutions for commercial aircraft, specializing in connectivity, in-flight entertainment, and electrical power systems. For 2014, Armstrong had sales of approximately $27 million.
ABOUT ASTRONICS CORPORATION
Astronics Corporation (NASDAQ: ATRO) is a leader in advanced, high-performance lighting, electrical power, specialized avionics products and automated test systems for the global aerospace and defense industries. Astronics strategy is to develop and maintain positions of technical leadership in its chosen aerospace and defense markets, to leverage those positions to grow the amount of content and volume of product it sells to those markets and to selectively acquire businesses with similar technical capabilities that could benefit from our leadership position and strategic direction. Astronics Corporation, through its wholly-owned subsidiaries, has a reputation for high-quality designs, exceptional responsiveness, strong brand recognition and best-in-class manufacturing practices. The Company routinely posts news and other important information on its Web site at www.astronics.com.
For more information on Astronics and its products, visit its Web site at www.Astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words expect, anticipate, plan, may, will, estimate or other similar expressions. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements.
Important factors that could cause actual results to differ materially include the capabilities of the acquired company, achieving expected revenue levels, successfully leveraging complementary capabilities in the Test Systems segment, the state of the aerospace and defense industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes, the demand for and market acceptance of new or existing aircraft which contain the Companys products, customer preferences, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this news release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
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